New boss and more downsizing at CGG (May 1999)

Tough times at CGG mean 400 new job-losses and a change of CEO.

Robert Brunck (previously second in command) has been promoted to President and CEO, Yves Lesage is now to move on to the post of "honorary chairman". In an effort to stem operating losses, a restructuring involving a reducing the French staff by around 400 is also underway. Brunc, together with a "reduced General Management team" will be moving away from the operational headquarters in suburban Massy to a downtown Paris base. The business will be reorganized into three new units, Land, Offshore and Data Processing and Reservoir. The first two will be located in Massy, France while the third, which will include data management will be in London. Plans are also being studied to "reinforce equity" and to restructure debt. Brunck stated "The very serious crisis to which CGG is presently confronted leaves us with no option but to urgently initiate this evolution, undeniably vital for the Company in a deeply changing international and competitive environment."

Click here to comment on this article

If your browser does not work with the MailTo button, send mail to with PDM_V_3.3_9905_15 as the subject.

© Oil IT Journal - all rights reserved.